Tax cuts, housing incentives, more price caps

Vice President Kamala Harris released an economic policy pitch Friday aimed at appealing to middle-class voters by lowering the costs of food, housing, health care and child care.

In a speech in Raleigh, North Carolina, the Democratic presidential candidate laid out a vision of what she described as an “opportunity economy” with basic financial security at its core.

Her plan would impose a federal ban on grocery price gouging, provide a $6,000 child tax credit for families with newborns and give first-time homebuyers $25,000 in down payment support, among a host of other proposals.

Harris’ proposals are in stark contrast to those of her rival, former President Donald Trump.

She harshly criticized the Republican candidate for supporting sweeping tariffs on imports, calling them the “Trump tax,” while accusing him of trying to cut taxes on billionaires and big corporations.

“I think if you want to know who someone cares about, look at who they fight for,” Harris said.

While the details remain unclear, her plans have already drawn fierce criticism from Republicans and economic analysts, who warn they could turn Government pricing.

“It would be a very, very big mistake to let the government set the price,” Kevin Hassett, a senior economic adviser at the Trump White House, said at a news conference earlier on Friday.

Meanwhile, the nonprofit Committee for a Responsible Federal Budget estimates that the policies in Harris’ economic plan would Increase the deficit It will increase by $1.7 trillion over the next 10 years.

Friday’s speech was Harris’ first policy speech since taking over as president Joe Biden He dropped out of the race last month.

With less than 90 days until Election Day, Harris is working to take credit for the Biden administration’s economic achievements while trying to flip the script on a key issue that her predecessor has long opposed. Low score.

According to her campaign, her economic plan also includes the following.

To address high grocery prices, Harris will work with Congress to push for the first-ever federal ban onCompanies raise prices“About food and groceries.

This would include setting “clear rules” so that businesses “cannot unfairly exploit consumers and reap excessive corporate profits on grocery staples,” the fact sheet said.

To investigate and punish suspected violations, Harris would empower the Federal Trade Commission and state attorneys general.

The Harris Administration will also take an aggressive regulatory approach to proposed mergers and consolidations among the largest food producers.

Harris’ plan will help Cash-strapped renters By preventing data companies from raising lease rates, and by preventing Wall Street investors from buying homes in bulk and reselling them at high prices.

Harris will also call for the U.S. to build 3 million New housing To achieve this, she will call for new tax breaks for builders who construct “first homes” over the next four years.

Any changes to the tax code would require congressional approval and would depend largely on which party controls the House and Senate.

Along with expanding the supply of entry-level housing, the Harris plan would provide “up to $25,000 in down payment assistance to working families who have made two years of on-time rent and are purchasing their first home, with even more generous support for first-generation homeowners,” the prospectus said.

Harris will seek to expand the Biden administration’s landmark $35 cap on insulin prices for Medicare beneficiaries to cover all Americans, not just seniors.

Similar to her cost-cutting plans for the food industry, Harris’ health care policy relies in part on tighter regulation and tough antitrust enforcement.

The Harris campaign said the plan calls for “tough crackdowns on drug companies that hinder competition and abusive practices by pharmaceutical middlemen.”

Restoring the expanded child tax credit first introduced during the coronavirus pandemic is a long-standing goal of the Biden administration, and one Harris would pursue if she were elected president.

She would also go further, proposing a tax break of up to $6,000 for families with newborns.

The Harris campaign called this year “the year with the highest expenses for many families — cribs, diapers, car seats, and more.” The campaign also noted that many parents without paid leave are forced to choose between spending time with their children and working long enough to make ends meet.

Just three weeks into the campaign, Harris has erased Trump’s polling advantage over Biden.

But the vice president largely avoided policy details, choosing instead to draw contrasts with Trump.

Harris began her speech in North Carolina by laying out her economic vision, one that builds on but also, in some ways, departs from the Biden administration’s economic record.

Harris appeared with Biden in Maryland on Thursday to promote a deal with pharmaceutical companies to lower the costs of 10 of the most expensive drugs. Prescription drugs covered by Medicare.

The landmark negotiation — achieved through the Inflation Reduction Act, Biden’s centerpiece spending bill — would result in about $6 billion in net savings for Medicare. Officially effective It is expected to be completed by 2026, according to the government.

The vice president’s remarks came two days after Trump gave an economy-focused speech in North Carolina.

Trump attacked Harris personally during a speech in Asheville and blamed her for high consumer prices, which Biden has spent much of his presidency trying to reverse.

Recent polls show that states that Trump won in the 2016 and 2020 presidential elections are now within reach for Harris.

A new battlefield Poll Results A Cook Political Report poll released Wednesday showed Harris leading Trump by 1 percentage point in North Carolina, 48 to 47, which is still within the survey’s margin of error.